Dive Brief:
- A joint report by the Hispanic Wealth Project and the National Association of Hispanic Real Estate Professionals found that the 2015 U.S. Hispanic homeownership rate saw its biggest full-year increase in more than 10 years — 44.5% to 46.7% — according to HousingWire.
- Since 2000, Hispanic homeownership has risen to 7 million, a gain of 2.8 million, while the number of non-Hispanic homeowners dropped by 85,000 in the same period.
- Hispanics are also leading in workforce presence and in the creation of households, giving rise to the belief that this demographic will drive homeownership for decades to come.
Dive Insight:
David Stevens, president and CEO of Mortgage Bankers Association, said in a release, "The Latino community is massive, it's ready to own, and it's now. The significance of Hispanics to housing and the economy will only grow, creating opportunity for all who focus on this vibrant, dynamic and impactful part of the U.S. economy."
Between 2000 and 2007, Hispanic homeownership increased by 300,000 a year, but a vast portion of those gains was swept away in the housing crash, as much of the growth was a result of the flood of sub-prime mortgages. Since 2010, Hispanic homeownership has increased by an average of 178,000 per year.
"Policy makers and the housing industry need to recognize that the face of homeownership in America has changed and it is in everyone’s interest to ensure that these new consumers have access to relevant lending products, affordable housing stock and culturally competent service providers in the coming years," Joseph Nery, president of NAHREP, said in a release.
In a Zillow report earlier this month, the real estate data firm explored the connection between homeownership and the "American Dream" and found that Hispanics (70%) put a higher value on owning a home than any other demographic. Zillow also found that millennials and Hispanics were positively affecting the market confidence index, which was 66.9 at the time of their report.
